MADISON, N.J. — PGIM Real Estate has completed a capital raise of $235 million for PruMex IV CKD, a closed-end real estate fund investing across various property sectors in Mexico. The capital raise included investments from Mexican institutional investors, as well as a co-investment from PGIM. More than half of the capital was raised from existing PGIM Real Estate clients, with the remaining capital coming from new investors. “The strong market fundamentals in Mexico, including a growing middle class, competitive labor costs and manufacturing, and favorable housing policies and regulatory changes, continue to be the key drivers for the development of industrial and residential assets in the country,” says Alfonso Munk, chief investment officer for the Americas at Madison-based PGIM Real Estate. Expanding on the investment strategy of the prior PruMex fund series, which focused solely on industrial real estate, PruMex IV will also invest in multifamily, mixed-use and residential-for-sale properties to create a well-diversified portfolio in Mexico. This fund will invest through PGIM Real Estate’s professionals operating out of the Mexico City office. Target investment markets include the Bajio-Central and north border regions for industrial assets, and the Mexico City metropolitan area for residential-for-sale, multifamily and mixed-use assets. PGIM …
NORTH BERGEN, N.J. — Urban Edge Properties (NYSE: UE) has obtained a $100 million loan to refinance Tonnelle Commons, a 410,015-square-foot retail power center in the New York City suburb of North Bergen. The Class A center is located at 2100 88th St. at the corner of Tonnelle Avenue. Tonnelle Commons is fully leased to 16 tenants. Anchors include Walmart, BJ’s Wholesale Club, PetSmart and Staples. Other tenants include Applebee’s, the Vitamin Shoppe, GameStop, SuperCuts and Mattress Firm. The property was built in 2009 less than 10 miles from Midtown Manhattan and four miles from the entrance to the New Jersey Turnpike. The center is situated at the northern edge of Hudson County, the most densely populated county in New Jersey. HFF’s debt placement team, led by Scott Aiese and Mike Tepedino , secured the 10-year, non-recourse, fixed-rate loan. Urban Edge Properties is a REIT that manages, acquires, develops and redevelops retail real estate in urban communities, primarily in the New York metropolitan region. The REIT’s stock closed at $24.93 per share on Thursday, May 11, down from $27.38 one year ago. — Nellie Day
NEWARK, N.J. — Edison Properties has begun construction at Ironside Newark, a mixed-use building in downtown Newark. Located at the corner of Edison Place and McCarter Highway (Route 21), Ironside Newark will transform the warehouse building into a commercial and retail destination. Designed by New York City-based Perkins Eastman, the project will include 456,000 square feet of offices across its six upper floors, with access to a rooftop featuring green space and views of Newark and Manhattan. Two floors of retail and restaurant space will front the newly announced Mulberry Commons Park, providing a link between Ironside Newark and Newark Penn Station, Prudential Center arena and downtown Newark. Hollister Construction Services will serve as the sole construction manager on the project. Construction on the building is expected to last 18 months, with opening tentatively scheduled for fall 2018.
MIDDLETOWN, N.J. — National Realty & Development Corp. (NRDC) has signed the first anchor tenants at The Shoppes at Middletown, a retail development in Middletown. A 130,000-square-foot Wegmans Food Markets store and a 26,530-square-foot, six-screen CMX, The VIP Cinema Experience will join the 340,000-square-foot development. When complete, The Shoppes at Middletown will include national, regional and local retailers and restaurants. The project is located on Route 35 at its intersection with Kings Highway East in eastern Monmouth County.
With city-like, apartment-rental living back in vogue, New Jersey — from its urban centers to its suburban bedroom communities — is transitioning to more walkable, transit-focused neighborhoods. From Northern, Central and Southern Jersey’s green, well-manicured garden-apartment courtyards to the sleek Class A high-rises peppering Hudson County’s Gold Coast, multifamily living and investment are catalysts for sustained statewide economic and population growth. The groundwork for this trend — and the ensuing surge in construction expected to peak this year — was established a few years back with the emergence of a state-incentivized transit village designation program. While this movement started in 1999 as a means to revitalize transit-friendly communities through mixed-use development, municipal leaders have only begun to embrace and leverage this type of development and private investment long associated with urban centers. Today, New Jersey has 32 state-designated transit villages and a multitude of emerging transit centers. Early designees include Pleasantville (Atlantic County), Journal Square/Jersey City, Morristown, South Amboy, South Orange, Rahway, Cranford and Matawan. Most recently, they have been joined by relative newcomers like East Orange, Summit, Plainfield, Irvington, Park Ridge and Hackensack as well as budding hubs such as Harrison. One example of how multifamily investment is leveraging …
UNION, MOONACHIE AND FAIRFIELD, N.J. — The Stro Cos. has acquired five industrial buildings totaling 210,000 square feet in New Jersey for $14.7 million. The properties were purchased in separate transactions from different sellers including: 1110 Springfield Road, 50 Milltown Road and 60 Milltown Road in Union. The three-building, 128,000-square-foot industrial park is located near Route 22, I-78, The Garden Parkway and Newark Liberty Airport. The park is 98 percent occupied and features industrial units ranging from 10,000 to 30,000 square feet. Stro acquired the property for $7 million. Millington Bank financed the acquisition. 111 Moonachie Ave. in Moonachie. The 52,000-square-foot industrial building features seven units. Located in the Meadowlands, the property is directly across the street from Teterboro Airport. The property was acquired for $5.3 million with one 7,000-square-foot vacancy. Malvern Bank financed the acquisition. 18 Industrial Road in Fairfield. The multi-tenant industrial building spans 30,000 square feet. Stro plans to install upgrades to the exterior of the property, which is accessible from Route 46 and I-80. Bank of New Jersey financed the $2.4 million acquisition.
LIVINGSTON, N.J. — The Azarian Group has acquired Livingston Town Center in Livingston from an affiliate of Onyx Equities for $21.3 million. Livingston Town Center is located at the intersection of East Mount Pleasant Avenue and North Livingston Avenue and includes 65,000 square feet of retail space. Tenants include Destination Maternity, 7-Eleven, Anthony’s Coal Fired Pizza, Wells Fargo, Fit 36, Restore Cold Press Juices, X-Tend Barre and 19 others. Amenities include fountain and sitting areas, a parking garage and 114 attached townhomes. Livingston Town Center is 94 percent occupied.
LINDEN, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5.6 million industrial warehouse loan for a 161,000-square-foot building located at 601-721 W. Linden Ave. in Linden. Eric Seidel, a director in MMCC’s New Jersey office, arranged the debt placement.
NEWARK, N.J. — Cushman & Wakefield has brokered the $4.8 million acquisition of a 68-unit apartment portfolio in Newark. Cushman & Wakefield’s Brian Whitmer, Andrew Merin, David Bernhaut, Gary Gabriel, Seth Pollack and Ryan Dowd represented the buyer, a private investor. The portfolio includes two communities located one block from each other on Roseville Avenue. Both properties are three stories tall and were built in the early 1970s. The first, 467-479 Roseville Ave., contains 46 units and totals 37,000 square feet on 0.46 acres. The second, 385-391 Roseville Ave., includes 22 units and totals 17,600 square feet on 0.3 acres.
CLIFTON, N.J. — Ideal Market Place has opened a new location at the Botany Plaza shopping center in Clifton. Ideal Market Place is a brand of the supermarket chain America’s Food Basket (AFB), which specializes in international foods. According to the AFB website, the company operates within all five boroughs of New York, and has expanded into New Jersey, Massachusetts, Connecticut and Rhode Island. AFB currently operates 43 locations, including the 24,500-square-foot Ideal Market Place in Clifton. Nassimi Realty, a privately held development and investment company, owns Botany Plaza.